Business news

RIGA, 21 May (BelTA) – ZAO Belarusian Oil Company (BOC) and owners of the company SIA Woodison Terminal have signed an agreement of intent to cooperate in the organization of the transshipment of Belarusian oil products via the Riga Freeport, BelTA has learned.

The document was signed during the 3^rd business forum of the Eastern Partnership Initiative on 21 May. The document was signed by BOC Director General Alexander Demidov, Chairman of the Board of the Latvian company Andrei Maksimov and member of the Board of the Latvian company Oleg Chernenko. Belarusian First Deputy Economy Minister Alexander Zaborovsky and Latvian Economy Minister Dana Reizniece-Ozola attended the ceremony.

According to Alexander Demidov, the sides have been preparing the agreement for about two years. The document’s implementation will allow optimizing the logistics of delivery of Belarusian oil products and will secure the stable flow of these commodities via the Riga port.

The Director General of the Belarusian Oil Company also said there are plans to modernize one of the terminals in the Riga Freeport. The process is expected to take 2-2.5 years.